UPI logs record 23.2 bn transactions worth Rs 29.90 lakh crore in May, up 19% YoY
Summer travel, IPL and seasonal consumer spending pushed UPI to its biggest month ever, eclipsing Rs 25.14 lakh crore in May 2024. Falling ticket sizes (Rs 1,313 vs Rs 1,848 in 2021) signal deeper everyday-spend penetration, while credit-on-UPI and cross-border rails open new retail growth pools.
UPI hit a record 23.2 billion transactions worth Rs 29.90 lakh crore in May, up 19% YoY, driven by summer travel, IPL and seasonal consumer spending. Average ticket size fell to Rs 1,313, while credit-on-UPI and cross-border expansion are emerging growth pools.
Why this matters
UPI's May print extends a streak of record monthly highs, with shrinking ticket sizes confirming a shift from large transfers to daily retail payments, even as duopoly concentration concerns persist.
Footfall theme steady with 95 signals in last 90 days, reflecting consistent consumer activity.